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20 People Are Owing Nigeria N1.2 Trillion ~ House Of Rep Member Claim

The chairman, House of Representatives Committee on Media and Publicity;
Abdulrazak Namdas disclosed that 20 Nigerians are owing the federal
government N1.2 trillion and that recovering that money could help
Nigeria to overcome hard times posed by the ongoing recession. Speaking
at a press conference yesterday, Abdulrazak said;

“As we all know we are in a recession. AMCON was established between
2007 and 2009 as a response to global financial crisis. The Federal
Government through ministry of finance guaranteed a loan that AMCON
should raise 5.67 trillion naira, this was to save some of these failing
financial institutions at that time, AMCON cannot recover its 2.473
trillion.

This is a time we need this resources and this debt is piling up and
people owing this money are still leaving and kicking and infact they
don’t appear to have issues, some of them own private jets. If we can
invest that money into the economy, it will assist the economy very well
and it will interest you to know that out of this 2.4 trillion only 20
individuals have about 1.2 trillion to cough out.”

Earlier, the house of representative mandated its committee on banking
and currency to investigate the failure of bank debtors to pay up their
loans to the tune of N2.4 trillion. They noted that if these loans are
paid by the debtors/obligos, it would enable AMCON to redeem its three
years zero coupon.

“The resolution by the house was sequel to a motion on matters of
public importance sponsored by Johnbull Shekarau from Plateau state.
While moving the motion on the floor, the house said federal government
through the ministry of finance and the Central Bank of Nigeria (CBN),
had provided the initial capital and a three years zero coupon to allow
AMCON raise N 5.67 trillion for intervention. Six years after, AMCON is
yet to recover over N2.463 billion from obligos/bank debtors to enable
three years zero coupon bond it acquired,” Johnbull said.

The lawmaker added that the inability to recover this amount has serious
implication on the economy especially in this recession.

Several lawmakers also contributed to the debate and urged the federal
government not to do business with companies owing banks until they have
settled their debts, he said.